BOOST REVENUE
Pharmacy Revenue Cycle Management (RCM) for Medical Billing
When it comes to revenue cycle management, healthcare organizations have additional layers of billing and compliance requirements. Our revenue cycle team has 10+ years of medical billing experience and secrets they use to boost your profit and expedite claims. Our RCM team follows up on and researches every rejected and denied claim, and your DocStation dashboard helps you keep a close eye on the financial health of your pharmacy.
Key Features
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Clearinghouse & ERA enrollment -
Chargetable management to maximize reimbursement -
Encounter coding to translate documentation into CPT codes -
Claim submission -
Denial management -
Claims processing -
Electronic remittance -
Billing regulations research -
Billing workflow automation -
Claims reconciliation
Pharmacy revenue cycle management is the process of managing the lifecycle of a medical claim for services from submission to reimbursement. Using dedicated technology designed for healthcare RCM, pharmacy managers gain insight into the revenue cycle process helping them make informed financial decisions that benefit their organization and improve patient care.
As part of the RCM process, healthcare organizations must monitor and manage medical claim denials, appeals, and other issues that may impact revenue. Managing the healthcare RCM process for your pharmacy typically requires various tools and technologies to automate and streamline the revenue cycle, such as electronic health records (EHRs), practice management software, and pharmacy revenue cycle management programs.
Overall, implementing an RCM program can help healthcare organizations optimize revenue, improve efficiency, enhance the patient experience, and stay compliant with regulations. With DocStation, you’ll gain access to a professional solution with a focus on simple implementation, comprehensive reporting, and a suite of powerful tools.
Our RCM team deeply understands the medical billing and revenue cycle management process. We are the trusted partner for hundreds of pharmacies, facilitating the entire process from beginning to end.
Revenue Cycle Management
Provide care, document services, and get paid. Submit, process, and track medical claims for MTM, Evaluation & Management (E/M), vaccines, durable medical equipment (DME), smoking cessation, and more with our revenue cycle management suite. DocStation allows you to follow medical claims through the entire billing lifecycle and track important operational metrics like provider productivity and revenue generated in sophisticated business intelligence dashboards. Our best-in-class support team is your partner in the billing journey, maximizing net new revenue and minimizing time to reimbursement.
Claims Templates
Streamline and standardize claim submission to multiple health plans with medical claims templates. Pharmacists don’t have time to sort through payer rules or memorize complex coding standards like HCPCS, modifiers, and payer IDs. DocStation makes it easy for any pharmacy to submit medical claims and make more time for what you do best–providing patient care.
Claims Reconciliation
DocStation is your SWAT team for ensuring quick and accurate payment. Automated claims statuses tell you where your claims are in the billing lifecycle. Easily identify and troubleshoot rejected claims and manage denials. We go above and beyond for our pharmacy partners, which translates to more profit for you.
Claims History
DocStation software keeps a history of all claims submitted so you have a robust record for accounting and auditing purposes. Navigate to patient profiles to retrieve clinical documentation for services provided. Easily produce a record of care to justify reimbursement.
Q&A
What is Revenue Cycle Management (RCM) and How Does it Work?
Revenue cycle management (RCM) is the process of managing the lifecycle of a medical claim from submission to reimbursement. It involves various steps, including care provision, documentation, coding, billing, and denial management, and payment collection.
A great RCM process streamlines the revenue cycle streamlines documentation, maximizes coding accuracy, minimizes denials, and increases overall revenue. RCM is typically handled by a team of professionals, including coders, billing specialists, and administrative staff who work together to manage the different stages of the process.
What are the Benefits of Implementing a Revenue Cycle Management (RCM) Program at My Pharmacy?
Implementing a healthcare revenue cycle management (RCM) program can provide several benefits, including:
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Enhanced patient experience -
Increased workflow efficiency -
Better business intelligence -
Compliance with regulations -
Improved financial performance
How can Revenue Cycle Management (RCM) Help My Healthcare Organization Increase Revenue and Reduce Costs?
Revenue cycle management (RCM) programs can automate many of the manual tasks involved in healthcare revenue cycle management, such as claims processing, billing, and collections, which can reduce administrative burden and increase staff productivity. It can also improve coding accuracy, reduce claim denials, increase payments collected and, overall, streamline operations.
Want to learn more about DocStation’s pharmacy revenue cycle management solution? Contact our team of experts today!
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